We have the usual suspects to look at including the Furama Hotel, City Hall, the Mandarin Oriental, Jardine (then Connaught) House. But look closely and you can see some stuff that really shouldn't have been there in 1988. The most obvious is the old HSBC Building (see second pic above the "Exe" of "Executive Producers". This building was demolished in 1984 and replaced by the current Foster designed iconic (but ugly) structure. But actually, there is a building that was demolished even earlier, it's the Hong Kong Club - you can just see it on the far left of the second picture. This place was demolished in 1981. Sadly, my knowledge can't place it any earlier than that, but feel free to comment if you can see a building in there that was knocked down even earlier.
So, I wonder if this was footage that Trenchard-Smith still had from his earlier forays into filming in Hong Kong? It certainly wasn't filmed for the purpose of this movie.